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First, you need to be pre-approved through a mortgage lender to buy a home and know what price you can afford in a home. Next, you need to find a real estate agent who has knowledge in short sales from a buyers perspective. Knowing how a short sale works from the buyer and sellers end is important when you interview Realtors. Learn by reading short sale blogs on the internet so you understand the long process that goes with it.
A short sale home is similar to purchasing a conventional home except there is additional paperwork, understanding the bank needs to approve it besides the sellers and that you may have months to wait (and are you prepared for the wait). Important to find out if a BPO (brokers price opinion) has been done of the home yet. If not, the price the bank may establish they will settle for may be higher than what your accepted offer was. Be prepared to raise your offer price if you want the home in some instances.
With your pre-approval in hand, your Realtor can tell you what the fair market value is for the home you want. Review the comparable homes sold and offer your best price. Sign the purchase & sales agreement and submit to the sellers. Their agent will submit it to their lender for acceptance. Then you just wait for the process to get to closing.
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Can you purchase a short sale with an fha loan?
Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Can you buy home after short sale?
Yes you can buy a home after shortsale, remember your credit with be ok for the simple fact it will show you paid your debt of your home by doing a short sale.
If i short sale a house how long do i have to wait to purchase a dwelling?
If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.
What are Short Term Bridging Loans?
When you plan to sale your existing home and ready to move into your new home, you have to wait have to wait for your existing home to be sold before shifting to your new home. At that time bridging loan helps you during the interim period between the sale of your old home and the purchase of a new one. For more information you can check out hdfc.com. I hope you will get clear idea about it .
Can you purchase a short sale with an fha loan?
Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
Buyer's short sale savings?
Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.
Can you do a contingency contract on a short sale?
No you can not purchase a short sale property contingent on selling your home. A lender would never agree to such a clause. In most short sales the lender will ask for the buyer to close quickly (within 30-45 days).
What is a short fall sale?
A "short sale" refers to a home that is being sold for less than the balance owed to the mortgage company. For example, a home is listed for 450,000, but the owner owes 600,000 on the home. This would be a short sale.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Do you have to have a buyer in order to do a short sale?
You would eventually need to have a buyer in order to complete a short sale otherwise you would be applying for a deed in lieu. Your Bank/lender however will start the short sale process without a buyer, in some cases approve a purchase price range so that you have an idea what you need to be selling you home for.
Can you buy home after short sale?
Yes you can buy a home after shortsale, remember your credit with be ok for the simple fact it will show you paid your debt of your home by doing a short sale.
Do you have to pay your mortgage when you short sale your home?
From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.
If i short sale a house how long do i have to wait to purchase a dwelling?
If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.
What are Short-term ways to encourage the purchase or sale of a product or service?
RATIONING!!!
Can I file for Bankruptcy after a short sale of your home?
What does selling my home have to do with your filing bankruptcy? If it was your home you sold short, assuming an arm's-length sale to a 3d party with no fraud or deception, you should not have a problem with filing bankruptcy.
What is involved in the process to purchase a home in the Viera master planned community?
Research has shown that there are no specific processes in purchasing a home in Viera Master Planned community. There are homes for sale as well as short sales, and one would go through the usual processes of purchasing a home such as making an offer on the home, getting a mortgage and closing the sale.
